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The Coasian market-firm dichotomy and subcontracting in the construction industry

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Author Info
Lawrence Wai Chung Lai
Abstract

This is a contribution to the debate on the contractual nature of subcontracting in the construction industry by arguing, contrary to certain views in the literature on institutional and construction economics, that the Coasian firm-market dichotomy is not blurred or pointless. By reference to the type and number of contracts, the study offers a way to distinguish the firm from the market as well as the precise nature of subcontracting in terms of such distinction. Subcontracting is shown to be a nexus of Coasian firms interacting through the main contractor with a monopsony consumer in a Coasian market.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Construction Management & Economics.

Volume (Year): 18 (2000)
Issue (Month): 3 (April)
Pages: 355-362
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Handle: RePEc:taf:conmgt:v:18:y:2000:i:3:p:355-362

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Related research
Keywords: Transaction Costs Ambiguity Of The Firm Subcontracting Coasian Firm Coasian Market;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Alchian, Armen A & Woodward, Susan L, 1988. "The Firm is Dead; Long Live the Firm: A Review of Oliver E. Williamson's The Economic Institutions of Capitalism," Journal of Economic Literature, American Economic Association, vol. 26(1), pages 65-79, March. [Downloadable!] (restricted)
  2. Masten, Scott E, 1988. "A Legal Basis for the Firm," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 181-98, Spring.
  3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October. [Downloadable!] (restricted)
  4. Cheung, Steven N S, 1983. "The Contractual Nature of the Firm," Journal of Law & Economics, University of Chicago Press, vol. 26(1), pages 1-21, April.
  5. Coase, R H, 1988. "The Nature of the Firm: Origin," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 3-17, Spring.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Graham M. Winch, 2001. "Governing the project process: a conceptual framework," Construction Management & Economics, Taylor and Francis Journals, vol. 19(8), pages 799-808, December. [Downloadable!] (restricted)
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